Jason Palmer

Here are some intriguing perspectives from my friend and colleague, Laura Hunt, about the current state and future direction of the Facultative market!

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Explore Risk & Insurance’s recent article on the vital role of teamwork in the success of captive insurance companies. Hear from Sandy Bigglestone, Vermont's Deputy Commissioner of Captive Insurance, and other industry experts, as they emphasize the significance of parent company involvement and strong, cooperative governance. Learn why Vermont stands out with its robust regulatory framework and strong focus on industry collaboration. https://lnkd.in/eQwmJCxJ #CaptiveInsurance #RiskManagement #VermontCaptive

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NEW BMS Group Severe Weather Update 05/29/2024 Less than two months ago, on April 24th, the BMS Severe Weather update issued a stark warning to the insurance industry: prepare for another brutal, severe weather season in the U.S. This BMS insight is a timely update on whether this severe weather pattern will persist into June. Since the April 24th update, insurance losses have skyrocketed, surpassing $10 billion, and are projected to be nearly $20 billion by the end of May. These staggering figures are a result of several significant events, including severe thunderstorms in Dallas and a derecho in Houston, which left over 2.07 million customers in Texas without power. Estimating insurance losses from severe weather is a multifaceted task, with numerous variables at play. Recent high-profile events have demonstrated the wide-ranging effects of severe weather, from the destruction of a Dollar Tree distribution center in Oklahoma to damage sustained by wind turbines in Iowa. These losses in the commercial and renewable energy sectors underscore the challenges insurers face in adjusting claims and the potential for inflation to drive up repair costs across the industry. Insurers are responding with changes, such as higher deductibles and roof-only exclusions, but the full impact of these measures on reported losses may not be understood for years. Despite these efforts, this year's severe weather losses are already 128% above the 10-year average, with 27 loss events reported by the end of May, which surpasses last year's total of 23 events. The BMS Insight provides a comprehensive view of the persistent severe weather, as evidenced by various metrics, such as the high number of tornado warnings and severe weather days recorded by the Storm Prediction Center. With over 1,919 tornado warnings issued and 3,142 large hail events reported, 2024 is shaping up to be one of the most active years for severe weather since 2011. We also highlight some of the valuable lessons that can be gleaned from this recent severe weather. The insurance industry is closely monitoring these insights and using advanced tools and research to better understand and mitigate the risks. One notable example of this, is the work of the Insurance Institute for Business and Home Safety (Insurance Institute for Business & Home Safety - IBHS) who are focused on improving hail and wind damage mitigation. BMS is a proud member of the IBHS, demonstrating the industry's commitment to proactive risk management. While a potential shift in weather patterns by mid-June might reduce tornado activity, it raises concerns about increased wildfire risks due to drying conditions in the western U.S. as fine fuels become more susceptible to ignition. #Insurance #Reinsurance #RiskManagemnt #SevereStorm #Tornado Click The Link Below for Amazing Content ?? https://lnkd.in/gpwqv5Gd?

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“Every industry’s being changed,” Bill Taylor, president and CEO of the Pennsylvania Compensation Rating Bureau and the Delaware Compensation Rating Bureau, said in Philadelphia. “It’s going to impact work comp. It’s going to help with risk management.” Though not an industry that will 100% rely on this new piece of technology, but as a user themselves, AI will take the insurance industry to a whole new level. Better marketing, research, systems, ect., I think positives can only flow! What is your opinion on AI in the insurance industry? https://lnkd.in/es7BxiDC

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If you’re in benefits or risk management, you’re probably aware of the explosive growth of #CaptiveInsurance as an alternative solution to managing the escalating costs of healthcare and other coverages. Learn more in our November webinar. Register at: https://ow.ly/etyT50TWeyC.

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I just had a conversation with a fellow business interruption expert, Scott Bushnell, CPA, CFF on behalf of AAIMCo. Our discussion explored the business interruption claims process, valuable tips for business owners, and intriguing "war stories". I promise, no numbers or complicated methodologies! Find the link to the one-hour discussion in the first comment below. #insuranceclaims #businessinterruption #smallbusiness #hospitality #AAIMCo

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If you’re in benefits or risk management, you’re probably aware of the explosive growth of #CaptiveInsurance as an alternative solution to managing the escalating costs of healthcare and other coverages. Learn more in our November webinar. Register at: https://ow.ly/AVSI50TWeyk.

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Commercial Property Insurance is increasingly expensive and hard to obtain. Find out why and what to do about it in this exclusive Alera Group report: https://ow.ly/ec3850TAc3L.

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It’s a valid concern. Technology can open companies to liabilities they may never have known were possible. Take a look at these scenarios to see how The Hartford’s cyber coverage can help companies prevail against ongoing exposures and threats. Learn more here: https://ms.spr.ly/6006mCwEr #IWork4TheHartford

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Check out Risk & Insurance’s recent article featuring our state of Private Management Liability report: https://ow.ly/oq7Y50SMgol #PrivateManagementLiability #MunichReSpecialty

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Managing risk in today's dynamic environment is more critical than ever. Join us to learn how to build stronger, more resilient strategies. #FEINewJersey #riskmanagement #financialleadership #executiveinsights

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?? Watch Earne Bentley, President of Risk Solutions, in a Business Insurance Interview: https://ow.ly/bLls50S09l1 Earne Bentley says our recent survey of risk professionals shows a disconnect between risk perception and risk management. Watch the video and learn more. #OrigamiRisk #BusinessInsurance #Risk

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How can you optimize your organization's casualty risk management program to enhance profitability, vitality and resiliency? Watch our recent discussion featuring HUB International's casualty risk specialists Mary-Beth Hahn, David Chmiel, Jeff Guttman and Carol Murphy to learn more about risk financing and collateral, analytics and claims strategy and coverage. Learn more: https://ow.ly/sN1650Ro153 #RiskManagement #Casualty

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How can you optimize your organization's casualty risk management program to enhance profitability, vitality and resiliency? Watch our recent discussion featuring HUB International's casualty risk specialists Mary-Beth Hahn, David Chmiel, Jeff Guttman and Carol Murphy to learn more about risk financing and collateral, analytics and claims strategy and coverage. Learn more: https://ow.ly/THoT50Rt7WR #RiskManagement #Casualty

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